Resorts World Genting earnings to remain ‘soft’ in 2026: Fitch

Global casino operator Genting Malaysia Bhd may see earnings from its Malaysia gaming and leisure operations remain “soft” for the rest of 2026, amid high airfares and macroeconomic uncertainty, suggested Fitch Ratings in a Monday rating action commentary. Genting Malaysia operates Malaysia’s only casino complex, Resorts World Genting (pictured), near the country’s capital, Kuala Lumpur. The company also runs gaming operations in the United Kingdom, Egypt, the United States and the Bahamas. Revenue from the group’s Malaysian leisure and hospitality segment – which includes Resorts World Genting – reached MYR3.43 billion (US$847.26 million) in the first half of 2026, up 1 percent year-on-year, according to Genting Malaysia’s second-quarter 2026 financial report. “Revenue increased marginally by 1 percent year-on-year in first half 2026 due to soft VIP gaming volume” during the period,” Fitch remarked. The ratings agency expects the performance of Genting Malaysia’s domestic operations to improve by 2 percent for full-year 2026, as revenue continues to recover from a weak first quarter. Nonetheless, Fitch stated: “We expect [Malaysian operations] earnings to stay soft for the rest of the year, as revenue from international tourists and domestic traffic may still face challenges due to high airfares and macroeconomic uncertainties.” Fitch’s commentary accompanied its Monday decision to downgrade Genting Malaysia’s long-term issuer default rating (IDR), as well as the rating on the firm’s guaranteed US$1-billion senior unsecured notes due 2031, to ‘BBB-’, from ‘BBB’, with a ‘stable’ outlook. The step followed Fitch’s downgrade of the long-term IDR of Genting Malaysia’s 73.8-percent parent, Genting Bhd, to ‘BBB-’. The rating agency said Genting Malaysia’s rating reflected its standalone credit profile, which is at the same level as Genting Bhd’s rating. The institution considered the parent company’s incentive to support Genting Malaysia to be “high”. Fitch has also affirmed the long-term IDR of Genting Malaysia’s wholly-owned subsidiary, Genting New York LLC, at ‘BBB-’, with a ‘stable’ outlook.